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Isaac Newton's theories make a huge number of predictions, and the evidence generally fits with the predictions. Nonetheless, most physicists believe that Newton's theories are wrong; that is, they describe only a limited range of cases, rather than all of reality. This state of affairs highlights the ambiguity of:
Specialize
Concentrating on and becoming expert in a particular subject or skill.
Comparative Advantage
The ability of an individual, firm, or country to produce a good or service at a lower opportunity cost than competitors, enabling more efficient trade.
Production Possibilities Line
A curve depicting all maximum output possibilities for two goods, given a set of inputs.
Trading Possibilities Line
A graphical representation showing the combinations of goods that a country can produce or trade given the resource constraints and technology.
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